Clearly, given bumper profits from Goldman Sachs Group and J.P. Morgan Chase & Co in a quarter full of opportunities for savvy risk-takers, more was expected from Credit Suisse, which in past incarnations, never met a risk it didn’t like.

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Credit Suisse CEO, Brady Dougan, has his work cut out.

Chief Executive Brady Dougan has been working hard to fight the “casino” label, which had been slapped on the Zurich-based bank for good reason. The new strategy served the Swiss bank well during the crisis, and it won heaps of praise for having largely shunned the type of risky investments that led to huge losses at many of its peers.

Beginning with a dramatic scaleback of investment banking in the fall of 2008, Dougan has reinforced efforts to reinvent Credit Suisse as a lower risk Wall Street bank with the added perk of a major private bank, which adds a stream of steady profits.